Daily Markets Wrap - June 19, 2023 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty fell on June 19 after a higher opening, missing by 8 points to record a new life time high. At close, Nifty was down 0.37% or 70.6 points at 18755.5. Volumes on the NSE were on the higher side. Smallcap index ended marginally in the positive even as the advance decline ratio fell to 0.85:1.

Global shares drifted lower on Monday, as investors were left disappointed by a lack of policy announcements from China post a State Council meeting Friday aimed at kickstarting the ailing economy. Investors also awaited testimony from U.S. Federal Reserve Chair Jerome Powell in markets that remain dominated by monetary policy bets.

Nifty formed a bearish Dark Cloud Cover pattern on daily charts on June 19. However in the recent past, such formations have not seen any follow through. The Nifty gets pushed back as it tries to register a new life high. Nifty could face resistance from 18888, while 18669 could offer support in the near term.

Source : Equity Bulls

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